- Not saving consistently from a young age is the number one financial regret for UK adults
- Getting on the property ladder is seen as the biggest financial accomplishment
- A quarter of Brits have no financial regrets at all
Over a third (36%) of UK adults cite not saving consistently from a young age as their biggest financial regret, reveals independent research conducted on behalf of Handelsbanken Wealth & Asset Management. This is true for people across age brackets – with 35% of 18–34-year-olds, 42% of 35-54-year-olds, and 33% of those over the age of 55 selecting it as their top regret – and a sentiment particularly felt by women (40% vs 32% of men).
In a similar vein, not starting a pension at a young age secured second spot for individuals (24%), followed by incurring too much too debt (19%), not getting on the property ladder when they had the chance to, and missing out on high-interest savings accounts – both selected by 13% of respondents.
A quarter of respondents reported no financial regrets whatsoever, rising to 39% for those aged 60+, suggesting people become more secure in their finances as they age.
|
Biggest Financial Regrets |
Total |
|
Not saving consistently from a young age |
36% |
|
Not starting a pension at a young age |
24% |
|
Incurring too much debt |
19% |
|
Not getting on the property ladder when I had the chance to |
13% |
|
Missing out on high-interest savings accounts |
13% |
On the flipside, taking the chance to get on the property ladder was seen as the biggest financial accomplishment for people – again across all age groups – with 35% of individuals naming it their biggest achievement. This demonstrates the continued importance placed on homeownership in the UK amid high house prices – be that in terms of the stability it provides, or the returns it can offer.
Home ownership was followed by paying off debts (18%), saving consistently from a young age (18%) and buying a car (17%).
|
Total |
|
|
Getting on the property ladder when I had the chance to |
35% |
|
Paying off debt (e.g., student loan) |
18% |
|
Saving consistently from a young age |
18% |
|
Buying a car |
17% |
|
Starting a pension at a young age |
17% |
Alasdair Wild, Area Manager at Handelsbanken Wealth & Asset Management: “From wishing we’d saved for retirement earlier in life, to worrying about the higher cost of living, or the extent of our debts, there are plenty of financial concerns keeping us up at night. While younger generations may shy away from thinking long term, building a solid, tailored financial roadmap at an early age can give people a real sense of security and purpose, and get people further along on their journey to achieving their financial goals.”
Click here to view the full research report Gender and generation: unravelling the wealth gap.
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